HomeMy WebLinkAboutC.054.93008_2205 (2)COUNTY OF IREDELL, NORTH CAROLINA
Chairman of the Board of Commissioners
ATTEST:
f
C erk t' t a Boar
of Commissioners
RESOLUTION ADOPTING THE LEASE AGREEMENT WITH IREDELL-STATESVILLE SCHOOLS: MOTION from Commis-
sioner Madison, second from Commissioner Haire to approve the Lease Agreement between Iredell
County, North Carolina, Lessor, and The Iredell-Statesville Schools, Lessee, pertaining to the
Certificates of Participation.
VOTING: Ayes - 5; Nays - 0.
RESOLUTION APPROVING THE SALE OF CERTIFICATIONS OF PARTICIPATION: MOTION FROM Commissioner
Mitchell, second from Commissioner Haire, to approve the following resolution:
RESOLUTION APPROVING THE SALE BY IREDELL COUNTY PUBLIC
FACILITIES CORPORATION OF CERTIFICATES OF PARTICIPATION
IN CERTAIN INSTALLMENT PAYMENTS TO BE MADE BY THE COUNTY
OF IREDELL TO CONSTRUCT ADDITIONAL SCHOOL FACILITIES AND
RENOVATE EXISTING SCHOOL FACILITIES FOR USE BY THE
IREDELL-STATESVILLE BOARD OF EDUCATION, APPROVING CERTAIN
DOCUMENTS RELATING THERETO AND AUTHORIZING OTHER
CORPORATE ACTION IN CONNECTION THEREWITH
WHEREAS, The County of Iredell, North Carolina (the "County") and Iredell County Public Facili-
ties Corporation, a non-profit corporation organized and existing under the laws of the State of
North Carolina (the "Corporation") have determined, to finance the construction of additional school
facilities and the renovation of existing school facilities for use by the Iredell-Statesville Board
of Education, and to that end, the County and the Corporation have been negotiating certain finan-
cing documents and arranging for the negotiated sale of Certificates of Participation in certain
Installment Payments to be made by the County pursuant to an Installment Financing Agreement to be
entered into by and between the County and the Corporation pursuant to the authority granted to the
County by Section 160A-20 of the General Statutes of North Carolina; and
WHEREAS, the County has retained investment bankers for the purpose of underwriting said
Certificates of Participation; and
WHEREAS, said Certificates of Participation are expected to be marketed during the period from
November 30 to December 2, 1992 in the expectation of executing a Certificate Sale Agreement with
respect thereto on or about December 3, 1992; and
WHEREAS, in connection with such financing, it is necessary for the County to approve the sale
of said Certificates of Participation by the Corporation, approve certain documents relating thereto
and authorize other corporate action in connection therewith; and
WHEREAS, there have been presented at this meeting copies of the following documents relating
to the issuance of the Certificates (hereinafter defined);
(a) a draft of the proposed Certificate Sale Agreement
for the Certificates (the "Certificate Sale Agreement"),
among the County, the Corporation and Alex. Brown & Sons
Incorporated (the "Underwriter");
(b) a draft of the proposed Installment Financing Agreement,
dated as of December 1, 1992 (the "Installment Financing Agreement"),
between the Corporation and the County;
(c) a draft of the proposed Trust Agreement, dated as of
December 1, 1992 (the Trust Agreement"), between the Corporation
and First -Citizens Bank & Trust Company, Raleigh, North Carolina,
as trustee (the "Trustee"), the provisions of which relate to the
issuance of and security for the Certificates;
(d) a draft of the proposed Deed of Trust, dated as of
December 1, 1992, from the County to John D. Greene, the deed
of trust trustee named therein, covering the property described
therein;
(e) a draft of the Preliminary Official statement (the
"Preliminary Official Statement") relating to the Certificates;
now, therefore,
BE IT RESOLVED by the Board of Commissioners of the County of Iredell, North Carolina: ,